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Charity Insurance: The Questions You Need to Ask
Charities, community groups and other not for profit organisations have a duty to keep their expenses under control. This article looks at what questions they need to ask when buying charity insurance to make sure they get the cover they need, at a right that is right.
The truth is, few people enjoy buying insurance and yet for most voluntary organisations, it is perhaps one of the most important purchases they will ever have to make. Certainly if you speak with the person in charge of sorting out a charities insurance whose premises has just burnt to the ground or whose volunteer has just been seriously injured at their premises then I guarantee having the right insurance is number one in their list.
So armed with this information, what exactly can charities do and indeed ask of their insurance provider to make sure they get the advice, service, premiums and ultimately the cover, protection and peace of mind they need?
To begin with, it is important to remember that there are several ways in which insurance for charities can now be purchased. An online search, a flick through the yellow pages or a walk up your local high street might all be viable ways to find an insurance broker or company who can provide you with a quote. The first question charities however need to ask though is, which of these routes is best for me? And how can I make sure I choose the right charity liability insurance provider?
There are actually a few ways to do this and here are just some of the questions you need to be asking to find the answer? You really need to decide what you actually want from your insurance broker as this we shape what questions you need to ask. For example, do you just want the cheapest premium? Or do you want a little more than that? Perhaps you want someone who understands the voluntary sector and can talk you through the options available? Or perhaps you want an insurance broker with a good credit rating and who seems to know what they are talking about?
These are all perfectly valid questions you might want to ask and here are a few more you could be asking to establish how suitable your prospective charity insurance provider might be. What experience do they have of providing insurance for charities? How long have they been helping businesses in the not for profit sector? What insurance companies do they use and what cover and service levels can they provide that their competitors cannot?
People assume that when looking around for insurance that they will be faced with the same questions over and over again. However, for a charity who is serious about getting the best possible from their charity insurance policy, maybe it is time to start asking questions as well as answering them.
If you do this then your chances of getting the cover and protection you and your charity need could dramatically improve. Give it a go and see what happens.
Date: 15/07/2009
Testimonials
HIGHLY SATISFIED
“On behalf of Longbridge Youth Club, I would like to state how satisfied I am with the Contents and Liability Insurance taken out with NCi Charity.
I am in the process of starting up a series of new Youth Clubs and would not hesitate to use your services for these new projects. I intend to use your Policy as a standard in each of these Youth Clubs.”
Graham Mann, Pc 184KG
Longbridge Safer Neighbourhood Team
